Information required can be obtained by issuing a summons on the bank concerned. - Income Tax - 211/CBDT

INSTRUCTION NO. 211/CBDT Dated: August 29, 1970 Section(s) Referred: 16(3) of Wealth Tax Act Statute: Income - Tax Act, 1961 Attention is invited to the minutes on the Group Discussion with the CsIT on Agricultural Wealth-tax held in December, 1969 forwarded under Board's F.No.17/32/69-W.T dated the 26th December, 1969. Under item No.1 - Survey, it was decided that apart from the records at the village level or in the tahsils, various sources of the State Government and other agencies would be tapped to find out the assessees liable to agricultural wealth-tax, such other agencies included land mortgage banks, agricultural marketing co-operative societies etc. 2. It has been brought to the notice of the Board that some ITOs have accordingly addressed letters to Banks and asked for the information from them. It is apprehended that if such information is insisted upon, it might scare away the farmers from such banks and might adversely affect the development of rural banking and deposit mobilisation. The Board have therefore decided that no general requests to the banks for such information should be made. If, however, information is required in any specific case, it could , of course, be obtained by issuing a summons on the bank concerned. 3. The above instructions may kindly be brought to the notice of all the officers working in your charge.